REDWOOD CITY, Calif., Feb. 12, 2018 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB:BTCY), a medical diagnostic and consumer healthcare technology company dedicated to delivering innovative, biometric remote monitoring solutions, has witnessed a phenomenal fourth quarter; the Company achieved 510(k) clearance for its Bioflux device with the U.S. Food and Drug Administration (FDA) and it successfully raised approximately $2.5 million in a registered direct offering. The Company is on schedule to bring Bioflux to market within the next quarter and has already expanded its research and development efforts to capitalize on artificial intelligence (AI), which could be used to optimize its proprietary remote patient monitoring (RPM) platform for future use.
“The FDA clearance is a monumental milestone for our company and allows us to bring the Bioflux solution to market and start generating revenue,” said Waqaas Al-Siddiq, Biotricity’s Founder and CEO.
Shortly after announcing that it had achieved 510(k) clearance last December, the Company closed a registered direct financing with existing shareholders. The proceeds are being used to accelerate Biotricity’s go-to-market commercialization plan, including on-boarding new sales staff, expanding strategic partnerships, developing the company’s brand and corporate positioning, and starting sales of Bioflux. For more details, please read the release at https://www.biotricity.com/biotricity_closes_registered_direct_financing/
“Through their investment, our existing shareholders have shown confidence in the platform we are developing and have enabled us for rapid progress,” said Al-Siddiq.
While commercialization of Bioflux is underway, Biotricity is expanding its R&D effort to include AI in its RPM platform to help improve detection quality and patient outcomes while driving down costs. For more details, please read the release at https://www.biotricity.com/biotricity-expands-rd-artificial-intelligence/
“We believe Artificial Intelligence will form a mainstay of biotechnology, and Biotricity is developing a cutting-edge platform utilizing AI technology,” said Al-Siddiq.
Mr. Al-Siddiq continues to offer informative and directional industry perspectives in leading health IT and medical technology publications. Mr. Al-Siddiq wrote an article for Internet of Things North America discussing the emergence of the patient-consumer. He also wrote an article for Inside Big Data explaining how AI could move healthcare towards a preventive system, asserting: “AI’s ability to learn from experience and offer personalized and predictive feedback to patients and physicians is its greatest value proposition for preventive healthcare systems which improve diagnostics while catalyzing patient adherence through engagement.”
The company continues to publish blog posts, which cover topics relating to healthy living, heart health, medical news, and technology news. To read all Biotricity publications, blogs, and news, please visit https://www.biotricity.com/newsroom/
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About Biotricity Inc.
Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. To learn more, visit www.biotricity.com.
Important Cautions Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
Media Contacts
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Richard Smith,
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Investor Relations:
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